CHARLOTTE, N.C., Oct. 1 /PRNewswire-FirstCall/ -- SPX Corporation
(NYSE: SPW) today announced that it has entered into a definitive agreement
to sell LDS Test and Measurement, its vibration testing and data
acquisition equipment business unit, to Spectris plc, for approximately
$102 million. The company's LDS business unit was previously reported as a
discontinued operation at the end of the first quarter 2008.
The sale is subject to customary closing conditions, including receipt
of regulatory approvals, and is expected to be completed by the end of the
fourth quarter 2008.
SPX Corporation is a Fortune 500 multi-industry manufacturing leader.
The company offers highly-specialized engineered solutions to solve
critical problems for customers.
SPX is focused on providing solutions that support the expansion of
global infrastructure, with particular emphasis on the growing worldwide
demand for energy and power. Its innovative product portfolio, containing
many environmentally friendly products, includes cooling systems for power
plants throughout the world; custom engineered process equipment that
assists a variety of flow processes including food and beverage
manufacturing, oil and gas exploration, distribution and refinement and
power generation; handheld diagnostic tools that aid in vehicle maintenance
and repair; and power transformers that regulate voltage for electrical
transmission and distribution by utility companies.
SPX is headquartered in Charlotte, North Carolina and employs more than
17,000 people worldwide in over 35 countries. Visit http://www.spx.com . (NYSE:
SPW)
Certain statements in this press release, including any statements as
to the results or timetable of the transaction, may be forward-looking
statements within the meaning of Section 21E of the Securities Exchange Act
of 1934, as amended, and are subject to the safe harbor created thereby.
Please refer to our public filings for a discussion of certain important
factors that relate to forward-looking statements contained in this press
release. Although the company believes that the expectations reflected in
its forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to be correct. Statements in the press
release speak only as of the date of this press release, and SPX disclaims
any responsibility to update or revise such statements.
SOURCE SPX Corporation
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Related links:
http://www.spx.com
CONTACT:
Investors, Jeremy W. Smeltser,
+1-704-752-4478, investor@spx.com, or Media, Jennifer H. Epstein,
+1-704-752-7403, jennifer.epstein@spx.com, both of SPX
Corporation
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